Cabo Verde’s trade deficit rises in 2016

Cabo Verde’s trade deficit rises in 2016

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The trade deficit of Cabo Verde (Cape Verde) rose 13.1% in 2016, to 60.422 billion escudos (US$589.6 million), according to provisional data released by the National Statistics Institute.

The increased deficit was due to exports falling 10.3% to 5.962 billion escudos and imports rising 10.5% to 66.384 billion escudos.

Consequently, the import-export coverage ratio deteriorated, from 11.1% in 2015 to 9.0% in 2016, an increase of 18.9%.

Last year Portugal continued to be the main supplier of Cabo Verde, accounting for 46.5% of the archipelago’s total imports, with Spain in second place with a share of 11.3%.

In terms of Cabo Verde’s exports, the two Iberian countries swapped places, coming to with Spain in first place with 72.5% of the total (-5.7% year on year), followed by Portugal with a market share of 19.2 % (+21.9%).

The main products exported by Cabo Verde are processed and canned fish, with 43% of the total and shellfish, with 38.2%.

The archipelago mainly imports fuel, reactors and boilers, machinery and engines, iron and derivatives, motor vehicles and cement, among other products.

Source: macauhub.com

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